This ratio shows that Emerging Markets did great in relation to the S&P 500 from 2001 until 2008, when it collapsed, only to revive again for the next three years, cratering in 2011 and thereafter. It's extraordinary that the ratio in 2024 fell below the level reached in the throes of the Asian Financial Crisis of 1998. The 3-year chart that follows shows that it turned up in 2025. Is that a secular change? I think so.
